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Dec

WorkFusion Helps Companies Reduce Costs by 10-20% Through Automation

NEW YORK, December 14, 2018 /PRNewswire/ –WorkFusion, the leader in AI-driven automation and RPA (robotic process automation) is helping enterprises save money, reduce both time and manual effort, and deliver better customer service.

Before it started using WorkFusion’s Smart Process Automation (SPA) software, Standard Bank (Africa’s largest bank) took 22 days, on average, to onboard customer information. The bank had to check customers’ creditworthiness or be sure they were not on a sanctions list before they could open a line of credit or obtain a mortgage. But by digitalizing back-office processes like these, Standard Bank can now onboard customers in five minutes. This has enabled the bank to reduce administration costs and help create new revenue: With quicker onboarding, service representatives get to know their customers faster, which opens opportunities to upsell, enabling them to offer additional products and services.

Elsewhere in the data sector, WorkFusion products helped Thomson Reuters reduce spending on product categorization. Thomson Reuters had been spending $25 million per year to harmonize data about specific products from different markets. By using WorkFusion SPA, this cost was brought down to $4 million.

For companies that use RPA, the return on investment (ROI) is high. Typically, companies can reduce costs by 10-20 percent. If firms are using additional SPA capabilities or AI-driven RPA, they can automate 70-90 percent of a process, which can amount in a tremendous reduction in costs.

WorkFusion’s technology helps companies match the front-end digital experience with back-end operations. Automation can optimize a variety of business processes, such as claims handling in insurance, product categorization in retail, and Know Your Customer (KYC) and anti-money laundering efforts in banking.

About WorkFusion

WorkFusion’s AI-powered RPA software creates and manages software robots, which perform repetitive work. Built for data-first companies, its products automate high-volume processes by combining AI, RPA and people into one intuitive platform. Top enterprises within global banking, insurance, healthcare and other data-intensive industries choose WorkFusion for its integrated offering, industry-leading total cost of ownership and native machine learning. WorkFusion is headquartered in New York City, with offices in eight countries throughout Europe and Asia. Learn more: https://www.workfusion.com/